“It does not matter how small the sins are provided that their cumulative effect is to edge the man away from the Light and out into the Nothing. Murder is no better than cards if cards can do the trick. Indeed the safest road to Hell is the gradual one— the gentle slope, soft underfoot, without sudden turnings, without milestones, without signposts.” C.S. Lewis, The Screwtape Letters

24 January 2014

"There was a strange temper in the air. Unsatisfied by material prosperity, the nations turned fiercely toward strife, internal or external. National passions unduly exalted in the decline of religion, burned beneath the surface of every land with fierce if shrouded fires. Almost one might think the world wished to suffer. Certainly men everywhere were eager to dare."

Winston Churchill

Despite the confidence exuding from Davos, stocks were selling off fairly hard as the paint that was applied to the tape at the end of 2013 came peeling off in chunks of profit taking.

VIX spiked up hard, as punters sought safety in puts and bid them up.

Ok Daniel-san, this was 'wax off' to the end of year 'wax on.'

What do we do next?

Next week is a big earnings week, and after some global follow through I suspect we will see stocks taking their cues from the corporate results. And so we might expect a volatile week.

Le Propriétaire

I make every attempt to respect the rights of others. If you feel that something here has infringed your work please let me know and I will correct it immediately. It is not always easy to determine the status of material posted to the Internet with regard to fair use and public domain.

Need Little - Want Less - Love More

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In providing information, I hope this allows you to make your own decisions in an informed manner, even if it is from learning by my mistakes, which are many. As a standing policy I never provide individual investment advice to anyone. I will only occasionally disclose my personal positions for purposes of illustration. Understand that my own circumstances could differ greatly from your own, and therefore what is suitable for me may not be suitable for you. My comments are intended to be reflection on general macro financial and economic events and trends.